Studio City Company Limited, a subsidiary of Studio City International Holdings, has announced the results of a tender offer for up to US$350 million of its outstanding 7.00% senior secured notes due 2027.
In a filing, Studio City said the offer, conducted alongside a US$300 million international offering of 6.125% senior secured notes due 2031, expired at 5pm New York time on 12 May with US$196.4 million aggregate principal amount of the notes validly tendered. An additional US$1.5 million aggregate principal of the notes were subject to guaranteed delivery procedures.
Studio City will, it explained, pay US$1,001.25 for each US$1,000 principal amount of the notes validly tendered.
S&P Global Ratings last week assigned a “B+” long-term issue rating to Studio City’s proposed senior secured notes, adding that it expects Studio City’s debt-to-EBITDA ratio to remain unchanged following the tender and call of its US$350 million 2027 senior secured notes.
The ratings agency highlighted that, as of 31 March 2026, the capital structure of Studio City Finance Ltd – Studio City’s financing parent – included around US$1.6 billion in senior unsecured notes, US$350 million in senior secured notes and US$70 million in secured credit facilities.
“Following the notes issuance, we expect Studio City’s priority debt ratio to remain at 21%, well below our 50% threshold to consider notching down the rating,” it added.
The core asset of Studio City International Holdings Limited is Macau integrated resort Studio City, located on the Cotai Strip. It is one of three Macau IRs under Melco Resorts & Entertainment, which holds almost 55% of Studio City International Holdings Limited.
